Innovative Eyewear (NASDAQ:LUCY) Posts Quarterly Earnings Results

Innovative Eyewear (NASDAQ:LUCY) issued its earnings results on Thursday. The company reported ($0.38) earnings per share for the quarter, Zacks reports. Innovative Eyewear had a negative return on equity of 79.72% and a negative net margin of 390.70%.

Innovative Eyewear Trading Down 13.0%

Shares of LUCY traded down $0.23 on Thursday, reaching $1.54. 640,437 shares of the company’s stock traded hands, compared to its average volume of 1,075,452. The stock’s 50 day simple moving average is $1.86 and its two-hundred day simple moving average is $2.13. The stock has a market cap of $5.08 million, a PE ratio of -0.55 and a beta of 3.17. Innovative Eyewear has a 52-week low of $1.44 and a 52-week high of $7.60.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Innovative Eyewear in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Innovative Eyewear

An institutional investor recently bought a new position in Innovative Eyewear stock. Cetera Investment Advisers bought a new stake in shares of Innovative Eyewear, Inc. (NASDAQ:LUCY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 156,096 shares of the company’s stock, valued at approximately $331,000. Cetera Investment Advisers owned 3.41% of Innovative Eyewear at the end of the most recent reporting period. Institutional investors and hedge funds own 0.96% of the company’s stock.

About Innovative Eyewear

Innovative Eyewear, Inc develops and sells smart eyeglasses and sunglasses. The company's flagship product is Lucyd Lyte glasses that enable the wearer to listen to music, take and make calls, and use voice assistants to perform various smartphone tasks hands-free. It also offers Vyrb, a social media application that enables the user to receive and send posts through Lucyd Lyte smart glasses with voice.